Business Advantage Cash Rewards Credit Card
The Business Advantage Cash Rewards credit card from Bank of America is a surprisingly basic credit card for small business owners. The card gives 3% cashback in your preferred category, 2% cashback on dining expenditures, and an unlimited 1% cashback on all other transactions.
Each calendar year, you’ll get 3% and 2% cashback on your first $50,000 in combined chosen category/dining purchases, respectively, and 1% after that. There is no yearly charge with this card.
Additionally, you may boost your cashback earnings with the card by moving your banking operations to Bank of America and enrolling in its Bank of America Preferred Rewards for Business program.
The Business Advantage Cash Rewards credit card offers some benefits for business travelers, such as travel accident and auto rental insurance and purchase protection against loss, damage, theft, or fire. Still, it is not meant to compete on benefits with premium cards like American Express’s Platinum Card or Chase Sapphire Reserve.
How Can You Earn Rewards?
The Business Advantage Cash Rewards credit card gets a base 1 percent cashback reward on all purchases. Dining purchases get 2% cashback, and you earn 3% cash back in a category of your choice in addition to your regular cashback earnings.
The card lets you choose one of the six company categories below for your 3% category. You can also update your category selection at Bank of America. Unlike most other cards, the Business Advantage Customized Cash Rewards credit card allows you to choose your bonus category every month rather than once a year or quarterly.
You can earn rewards from the following
- Office supply stores
- Gas stations
- TV and wireless providing stores
- Business Consulting Services
- Travel
- Computer services
To become a preferred Rewards Customer, you will have to maintain an average of $20,000 in business accounts of Bank of America or $20,000 in deposit accounts with Merrill.
How To Redeem Your Rewards?
Redeeming your Bank of America Business Advantage Cash Rewards credit card rewards is very simple and clear. Simply use the Bank of America website or mobile app to make a request.
Cashback can be placed into a Bank of America bank or savings account, used as a credit card statement credit, or delivered to you in the form of a check. Rewards placed to a checking or savings account can only be credited to a Bank of America account; rewards deposited to externally connected checking or savings accounts will not be credited to a Bank of America account.
Best Features of Business Advantage Cash Rewards credit card
Some of the best features that would make you opt for the Business Advantage Cash Rewards credit card are:
- Low APR — This card has an APR range of 12.24 percent to 22.24 percent, depending on your personal or corporate creditworthiness.
- Sign-up bonuses — When you spend $3,000 in net expenditures within 90 days of opening an account with the Bank of America Business Advantage Cash Rewards credit card, you’ll get a $300 statement credit.
- Introductory APR for purchase — On purchases, Bank of America Business Advantage Cash Rewards credit card members can get a 0% APR introductory period for nine billing cycles. The APR ranges from 12.24 percent to 22.24 percent, depending on your personal or corporate creditworthiness.
Benefits of Business Advantage Cash Rewards credit card
The Bank of America Business Advantage Cash Rewards credit card offers several added benefits, including:
- Accidental travel insurance.
- Insurance for car rentals.
- Replacement of a ticket in an emergency.
- Assistance with misplaced baggage.
- Extended warranty protection is available as an option.
Demerits of Business Advantage Cash Rewards credit card
Like every other credit card, Business Advantage Cash Rewards credit card also has its downsides that you would want to consider before choosing it.
- Foreign Transaction Fees — When using the Bank of America Business Advantage Cash Rewards credit card to purchase or withdraw cash overseas, there is a 3% foreign transaction fee.
- Balance Transfer Fee — A debt transfer fee of 4% with a $10 minimum is charged by the Bank of America Business Advantage Cash Rewards credit card. Many rewards cards levy a 3% fee for balance transfers plus a $5 minimum fee.
Highlights of This Card
1. Get a $300 statement credit after spending $3,000 in net expenditures within 90 days of starting your account.
2. Get 3% cashback on one of the following six categories: Gas stations, travel, office supply stores, TV or telecom & wireless, computer services, or business consulting services are the most common.
3. Get 2% cashback when you eat out.
4. Get 1% cashback on all other expenditures indefinitely.
5. You’ll earn 3% and 2% cashback on your first $50,000 in combined chosen category and dining expenditures each calendar year, respectively, and 1% after that.
6. If you’re a Platinum Honors tier member of Preferred Rewards for Business, you’ll get 75 percent extra cashback on every transaction. That means you’ll get 5.25 percent back on your chosen category, 3.5 percent back on eating, and 1.75 percent cash back on everything else.
7. Get your money returned in the form of a deposit into your Bank of America bank or savings account, a credit on your card statement, or a cheque delivered to you. Cash awards do not have an expiration date.
Bottom Line
The Business Advantage Cash Rewards credit card is a brilliant option if you are a small business owner searching for a basic cashback credit card that provides decent rewards in various areas and wants the freedom to vary your bonus category from month to month. To optimize the card’s earning potential, you’ll need to maintain your account regularly.
Suppose you already have a business banking relationship with Bank of America or are willing to move your business checking, savings, or investment accounts to Bank of America. You can keep a large average account balance in your deposit and investment accounts. In that case, the Platinum Honors rewards multiplier effectively makes the Business Advantage Cash Rewards Credit credit card a best-in-class choice for business spending rewards.
But, most importantly, before you choose a card, make sure your company’s and personal credit scores are in good standing to increase your chances of acceptance. Because if not, you would have a lesser chance of getting good credit cards.
